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mandatory cuts in federal spending, another debt ceiling vote, along with new worries over the effect of any cuts on a still-weak economy. at issue is nothing less than the size and responsibility of the federal government. we call the film "cliffhanger." frontline is made possible by contributions to your pbs station from viewers like you. and by the corporation for public broadcasting. major support for frontline is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant and peaceful world. more information is available at macfound.org. additional funding is provided by the park foundation, dedicated to heightening public awareness of critical issues. and by the frontline journalism fund, with a grant from scott nathan and laura debonis. >> polls open across the... >> it's going to be a fierce battle for control of the house and the senate... >> one of the most closely watched midterm elections in years... >> decision day, voters across america head to the polls for midterm elections, with control of congress hanging in the balance... >>
something which had not been done before, which is to use the debt ceiling vote for maximum leverage and threatened to throw the country into default. >> narrator: without raising the debt ceiling, the government would be unable to pay its bills. cantor saw the threat of a no vote as leverage to force the president to accept dramatic spending cuts. >> you always look for these moments when the president has to have something passed. but the debt ceiling represents the equivalent of a massive fiscal heart attack. >> narrator: cantor told them no president could ignore the threat. >> it has to be done. it's essential. if you don't raise the debt limit, you can no longer borrow, you can't pay your bills. you default. >> narrator: the new republicans got the message. >> in other words, "look guys, as a team we recognize that this is a leverage point. trust us and we're going to use it so that you fulfill your campaign promises." >> narrator: majority leader cantor had laid out an approach that would put the new congress in direct conflict with the white house. >> it was clear the republi
bringing things to the brink with things like the debt ceiling, which i've been very vocal about republicans should not try to have that fight on the debt ceiling. but we have a budgeting problem in washington where, you know, the senate can essentially just walk away from the game of doing a budget in washington. that's never happened before. and now it's happened three years in a row. so the only way this system can budget is to do it on these crisis points. >> we have a budget problem, michael. and president squarely addressed the middle class this week. did you find it effective? how much time does a second-term president really have to implement a domestic agenda? >> i think about six to eight months because what happens is, even lbj in '65 or fdr in '37, after the enormous landslides, the two biggest congresses in the last 100 years, they knew if they waited longer than six to eight months, members of congress would be thinking about the next re-election. that he would always be a lame duck in the first year of his second term. so i think the president is right to act fast.
. the sequester is not a cliff. it's not a cliff, curb, drop, it's not a debt ceiling, it just begins on march 1st. it doesn't mean anything gigantic happens. the cuts will be spread out over the course of a year. you don't make them all at once, but it's bad. it's a bad way to run a government, bad way to cut spending. jared will tell you he thinks the gdp numbers will be revised up, and i think he might be right, but from what we saw, we had a shrinkage in the fourth quarter of 2012, first time in years. that's the first step towards a recession. we had very, very weak policy throughout the course of the recession, in large part because we've been cutting too much from spending, basically, from 2009. so to do a big cut of a size that nobody expected to actually go into effect, it's bad management for the macro economy, for large programs, of course, but that said and the recent notes of the market freaking out, it is not doomsday. we have a tendency in washington of wildly overhyping everything we do. this is not like the debt ceiling or even the fiscal cliff. this is not doomsday even if it doe
leadership in the house of representatives. and it was designed to raise the debt ceiling because we had borrowed all the money that legally could be borrowed, and the administration wanted to spend more and borrow more money. we were borrowing well over 35 cents out of every dollar that we spent at that time and still are, and so he wanted to raise the debt ceiling, and the people holding the credit card, the united states congress, said wait a minute, you have run up too much debt, you have got to lay out a plan that at least over ten years would equal the amount we raised the debt ceiling. you get to spend that money now, and it was spent in 18 months. we already hit the debt ceiling again. we would raise this debt ceiling $2.1 trillion, and an agreement was reached to reduce spending over the next ten years by $2.1 trillion. so that was then. the president signed that. the democratic leader in the senate agreed to that. the speaker of the house, the republican, agreed to that. that became the law. well, we were on path at that time -- and these are numbers that we live with every day
bump up against it and come up against the debt ceiling and the fiscal cliff usually we put it off but this is one i think that will cause tremendous damage and the -- >> $85 billion. >> with the congress gone for a week when do they have time to negotiate. >> $85 billion in a $3.5 trillion budget. >> and -- >> it will hurt the economy. >> if you lose your job i think it hurts you, don't you think. >> fundamentally, the debt we have at the moment is the bigger problem for the economy and job creation. the president -- >> chris: let me bring karl in here. one, to talk about the sequester and also, in a bigger sense, look at the president's state of the union speech and agenda he laid out and what does it tell us what he wants to do in his second term. >> spend a lot of money and pursue a lot of liberal social policies and also says he's out of touch with the reality of where the country is, the democrats spent the last week going around and saying we don't have a spending problem and on the fox poll 83% of the american people say we have a spending problem, i agree with kim, $85 bil
catch phrases like fiscal cliff and debt ceiling behind us, americans have something to worry about. is sequestration. the spending cuts would be imposed on march 1. democrats proposed a measure to delay cuts. >> we cannot cut investing in education and research and development. we need to get back to balance. >> we are talking to in a half percent of what we spend. this is the first year of 10 years in cuts, after you have to be realistic. families across the country have had their budgets cut by a larger than that. >> $85 billion in cuts could lead to furloughs. the pentagon fears this could have a drastic affect on military. many republicans say this is coming. >> we are here because the president refused to cut spending, and we have grown up with this. >> so there is still some uncertainty over the deadline, senator charles schumer appears confident the sequester will be avoided. >> there are those that do not need a favor of hardly anybody other than themselves and the few whose special interests are protected both sides are looking for a solution. it seems finding a solution h
reasonable guy. senator, you were on the show in mid-january. we discussed the debt ceiling. you voted against the deal to suspend the debt ceiling with 34 of your fellow senators but it passed anyway. what do you need to see in a bill to avoid the sequester sometime between now and the end of february? >> ali, first of all, as someone who did run a business for 22 years, i'm embarrassed about the way we're operating the country right now and i want to say that up front. sequestration is a bad idea. we ought to be doing our business, appropriating and budgeting, making decisions on cost-benefit analysis. these continual deadlines and cliffs is no way to run a country much less a company. >> when you run a company, you have these things called poison pills. that's what the sequestration was. right? something to awful it would prevent a certain course of action from taking place. why is it that elected officials don't treat that the same way that you would if you were in business? if you had a poison pill in your business to say if you don't do something x will happen or if you do x woul
the government operating and the have to deal with the debt ceiling by midday. george lettis , wbal-tv 11 news. that brings us to our water cooler question of the day. do you think, or should be able to break for holidays before a major problems are resolved? you can share your response on wbaltv.com, on our facebook page, or send us an e-mail to watercooler@wbaltv.com. there is a bump in the road on immigration. >> someone leaked the white house plan and it is differed from what some lawmakers want. tracie potts has more. >> i am happy with the president. i'm optimistic we can get something done. >> other lawmakers are asking president obama to back off. allow them to become citizens within eight years. it does not guarantee border security. >> he is looking for a partisan advantage. >> this is the president torpedoing his own plan. >> the white house says it is backup plan. out, weose don't work will have an option we can put out there. >> does the president want date results or another cudgel to be up on republicans so we can get political advantage in the next election? >> congress will be
's a level of brinks manship being played in congress. h.i.v. seen it over the debt ceiling. i've seen it over the fiscal cliff that is just unnecessary. there needs to be a lel of pragmatism back to our politics. i give a lot of credit to the president. he's not just saying let's raise taxes. he said the obvious, we in america cannot continue to spend more than we take in. it's something i don't have the luxury of as mayor doing. what i see the president doing is putting tremendous cuts on the table, trillions of dollars of cuts. you just heard the chief of staff say they're willing to put $4 trillion in cuts but it has to be in a balanced way. the challenge i see right now, if this happens, the sequester happens, the cuts will be blunt, brutal and mind as opposed to being intelligent and insightful. and it will not invest. it will stop us from investing in those critical areas in america we must invest on if we want long-term economic growth. >> schieffer: mr. mayor, let me ask you one thing, frank lautenber, the long-term senator from new jersey said he will not seek reelection. you
obama's idea, part of the deal he made in exchange for congress raising the debt ceiling in 2011. the agreement was to find $1.5 trillion in deficit reduction over 10 years. now, as the deadline approaches once again, lawmaker and the white house trying to find common ground. >> the president promised it wouldn't happen. he is the commander in chief and on his watch, we're going to begin to unravel the finest military in the history of the world at a time we need it most. >> we look forward to working with our republican friends and colleagues in the house and senate to ensure it doesn't happen. >> reporter: the white house and congressional democrats are proposing a different way to get to that $1.5 trillion over 10 years. they would like to see rather than across the board spending reductions, some targeted budget cuts in different agency as well as an increase in tax revenue. but republicans say that is a nonstarter, that they already did tax hikes for the wealthy back in december, that they are not going to dip into that well one more time. how far, some prominent republicans
, and these two questions at the constitutionality of the debt ceiling legislation through the house and senate on the pay issue in payment of the public debt in social security, whether they have enough in their surplus from what people paid regardless of what the government is taken out, or what they have paid in counts. it is count in the deficit numbers picture trying to do something about? who wants to go first? congressman price. >> yeah, the debt ceiling affairs. nobody is talking about paying the data. nobody is talking about not paying the public debt. what were talking about is making sure we get are spending under control so we can create an economy that's vibrant and be able to cover the debt of this great country without the austerity measures we've seen in other countries. so there's two things you got to think about. the debt that's been incurred. yes, the nation is good for that type. and the path forward. are we going to ban that down so they can actually have an economy that is vibrant and create jobs, or are we going to go as far as the eye can see? you could do some point we
the president asked. remember we went to the debt ceiling and couldn't get anywhere this is one thing he asked. when he didn't want to do anything about it coming to the future and ignore it. remember in his presidential campaign second debate said this would never happen. it's never done any action to try and cut somewhere else. even though the house, the republicans led last term and passed a bill twice and died in the senate and didn't take action. now that it's coming to the deadline, he wants to ignore, that's kicking the can down the road. you can't do that. we spend more than we bring in. i mean, look, in the first two months of this new fiscal year, our revenue increased by 10%, an extra 30 billion, but our spending increased 16 billion. and 30 seconds left. and yep, i've got to do that one? >> i thought when he talked about men and women in our military making sure they're able to do and be the very best, yeah, we all agreed. i thought when he talked about looking for the future in investing and research, i'd like to invest in research further. i know that pays off. but you can't make
on the spectrum, you have a few things in the marketplace - of course, the debt ceiling coming up is one. but if you look at the market overall, it is still maintaining at that these high levels. it is working off some of the overbought conditions it basically attained through january, and, again like i said, we're only 1% off of the dow high from 2007, and we're only 2% off of the s&p high from 2007, so the market is consolidating here at a very good level, and it looks like it definitely has the potential to push those highs in the next couple of weeks. > what is going on with the big money, we used to call it, the so-called smart money, a lot of people just call it, the institutional players now. what do you see happening with those big funds and portfolios out there? > > you are seeing some allocations coming in, because basically what we are seeing is you're seeing some allocations coming into the market, then we are seeing them hedging some of that in the vix. but ultimately, they're putting a lot more money to work than they are kind of hedging out some of their downside risk. but
on in the present debt ceiling controversy in washington. >> my favorite book just recently, and i tell you it is $9.95 on amazon, is president kennedy's book called "nation of immigrants." it was written in the early 1960's. it will take you a couple of hours to read it again. it is a fabulous book and makes you realize that nothing has changed in the last 50 years. he talks about why we are a nation of immigrants and why that has been the strength of america. so, yes, we are all a nation of immigrants. we should remember that in these debates. but florida has an interesting process, something the all states should adopt, but every 20 years, a group of 30 citizens are awarded by the governor, the speaker of the house, the senate, supreme court, to rewrite florida's constitution, every line of it. it does not go to the legislature. all those pesky lobbyists out there do not get a chance to lobby one way or the other. goes right to the citizens of the state. took us two years to do that. we look at these issues. in florida's constitution, a quality education is now in the florida constitution. i do b
of next week. the deadline was created to help settle the debt ceiling crisis in 2011. but as our cover story explains, so far, sequestration has become another term for a stalemate. standing among first-responders who'd face cutbacks statrting march first, president obama called sequestration "a meat cleaver approach." "these cuts are not smart, they are not fair, they will hurt our economy, they will add hundreds of thousand of americans to the unemployment rolls. this is not an abstraction; people will lose their jobs." automatic cuts in federal funding were meant to scare congress into compromise. at risk, fema grants to pay firefighters during disasters, loan guarantees to small businesses, fewer food inspectors, border patrols, and air traffic controllers, to name a few. "i've never taken the sequester seriously. it's a gimmick to reach agreement." economics professor lawrence officer thinks a deal is likely. "i'm not going to lose sleep over it. congress will rescue it in the end, if not before." house speaker john boehner criticised the president's less-than-two-week countdown,
not agree on a debt ceiling deal, the obama administration proposed what was known at the time as a compulsory trigger to force spending cuts if both sides couldn't agree on a deficit reduction plan. it was meant to be so awful that no one would let it happen. hill republicans essential signed off. the president signed it. both sides guessed these automatic across the board spending cuts we've now come to know as sequestration. the new deadline for the cuts is the end of the month. and there is no deal to stop it. we keep hearing how bad it will be. one day a weak furloughs for up to 800,000 civilian pentagon employees. friday the navy is expected to announce it will postpone the repair of almost two dozen ships, threatening tens of thousands of jobs in virginia alone. and those repairs? >> if we don't do that, we are sending a ship out in harm's way that may not be as fit to fate as it should be. >> so here's how we avoid it. >> reporter: virginia's tim kaine is among senate democrats proposing an alternative, a $120 billion deficit reduction plan half in spending cuts split b
the negative affects on the security of the country. >> the is he questionster was enacted during the 2011 debt ceiling negotiations and only to happen if law makers failed to agree. clearly, that's the case. meanwhile, president obama taking state of the union address to the road. he met with students and teachers at the college heights early education program. plans for increasing pre-school education. the president highlighted the program during his address tuesday night. today he emphasized earlier a child begins learning, the better he or she does down the road. >> the kids we saw today that i had a chance to spend time with in mary's classroom, they are some of the lucky ones. because fewer than 3 in 10 four year olds are enrolled in a high quality pre-school program. >> the president says congress needs to come up with a way to pay for all children to have pre-school education. republicans say they want to review his head start program before they spend more taxpayer money. >>> the edge on dc. today is valentine's day. this date has been used to bring awareness to violent acts against wo
caught tampering with this stuff again like we did on debt ceiling. but how does boehner try to keep control of his side on this? >> well, and that has been the big question. it is remarkable, actually, that we were able to avoid the fiscal cliff. i mean, we sort of went over it and we were able to keep that intact. and the republicans basically blinked, they realized on some level that they were becoming known as the party of manufacturing crisis. this was all they -- that they had to offer the country. if they go down that path too many times, their approval ratings are already at all-time lows. they can't sink any further in the public's estimation. and we're looking at sequester and continuing resolution. we're going to have another debt ceiling debate in the summer. now rather than the burden being on the democrats to figure out the problems, i really think the burden is on the republicans because if they have cause these crises time and time again, the american public sees what is going on and understands who is responsible. >> the president is offering them the chance to avoid
failed on the prior debt ceiling negotiations. we need to pass gun safety and gun violence prevention out of the house. we need to start here. we have many sensible measures. we have a gun task force that has put forth a variety of measures which should be by bipartisan. we should put those on the moore. the victims of gun violence, their families, their communities, they deserve this. not only calling for a vote, but i say we should call for a vote, and we should call for these bills to be passed. i think what the president said last night and how he said it was a call to arms for the country. people need to get on the phones e-mail and have their members of congress not be bullied by the nra and to support some of these gun safety measures. >> john: well, speaking of the nra i would have to say the most dramatic moment came at the end when the president calls for real action on gun violence. there seems to be a consensus that a bill expanding background checks could pass the house. does it look like those are lost cause force now? >> not lost causes, but an uphill battle. but again i do
. and we have sort of the best to come yet because we had to decide on the debt ceiling and spending. and so this is where we really need leadership, which we were used to. i tend to be an optimist about the united states because people gave up on us on vietnam, on the watergate crisis, and we came charging back. and i think we will do it here, but it would be nice if we didn't have to go to the cliff each time to do it. >> and again, when you start talking about the kind of relationships and the kind of leadership, we still seem to have this atmosphere where people talk more at each other than trying to find some common ground, some common goal. in getting it done. he approached the whole goal of growth and jobs, and that is the answer to all of this. he also talked a lot about -- we'll sense that if the european situation got worse and they represent 23% of world gdp, the effect that is going to have on the united states, india, brazil, it's going to be real. and so with 40% of exports coming into the united states and so forth, all of the sudden we start to see the effect on the o
of the year. >> we do. >> we have the debt ceiling again. >> we do. >> i think the president is out there saying i'm trying to put these guys in the corner because these other fights are coming up which will have to be resolved just as well otherwise we have further government shutdowns and perhaps financial crisis and a meltdown. so this is all about setting up those other fights. i'd be shocked if they could come up with any sort of compromise or deal in the next week particularly when the house republicans are not here. >> of course. and, karen, the president said this is pain imposed by partisan recklessness. >> absolutely. >> this was some of the harshest rhetoric the president has ever offered republicans, isn't it 1234. >> it is. i think you're going to continue to hear that harsh rhetoric as we approach this deadline to make it very clear whose fault it is because this is a manufactured crisis. you have heard him say that a number of times. you're going to continue to hear that. i think they really want to make sure people know this can be avoided absolutely. and i think dav
to meet our debt ceiling requirements. it goes on and on. i think there's a political purpose here. you may not agree. i think there's a purpose in this, to undermine the government. >> i don't know if it's to undermine the government, but i think there is a political purpose and a political calculation by both parties. what takes me aback, chris, is how we always get to this precipice and everyone always acts so shocked we're here. the sequestration was voted on in 2011 -- 2012, rather. it's not like it was something new that we didn't know was coming. the congress didn't do its job, house, senate, and the white house. the democrats run two-thirds of the government. the republicans in the house, yes, they have been obstinate on spending and taxes, but the agenda hasn't changed from the white house or the senate either. where is the budget? >> but why -- you know why -- michael, you know why the democrats agree to the deals. because it's the only way to keep government going. the democrats buckle to the republicans. they're practically holding a gun on them saying if you don't -- >> oh,
he say back in november 2011? was it the debt ceiling, the sequester. so that's what i'm saying is that simple stupid. the simple message works. >> we have a severe ignorance problem with the people who are so mesmerized by his popularity. >> my door is open. >> i didn't know that the door was open to the white house. >> these machines now that have taken over people's lives. so they're not paying attention to what herman cain or bill o'reilly is saying. >>> we are nine days and counting until tens of billions of dollars are slashed from military and domestic spending. individually, hundreds of thousands could lose their jobs. nationally, the economy could fall back into recession. yet the contrast between how each party is playing its hand could not be more stark. the president is taking his message of a balanced approach to eight local affiliates from different geographic regions of the country. this comes after his speech tuesday, where he laid out what the sequester cuts will mean to the average american. >> so these cuts are not smart, they are not fair, they will hurt our
raise the debt ceiling the way we have in the past. we're going to force you to accept budget cuts and they cut a deal with the president and the president didn't like it but he felt forced to do so with these sequestered cuts if they couldn't come up with other forms of cuts by that commission that no one even remembers anymore. and so this is where we are. this is what the republicans agreed to lock themselves into, and all along from the very beginning the president said i'll be happy to get rid of these sequestered cuts if you give a little on tax revenues. if you do something with loopholes or raise more of the rates on the well to do, and they just keep saying no, no, no, no, no. so they're stuck with the deal they made, and mitch mcconnell was at this, too. so they can try to pin this on the president, but really i think they're going to fail to do that and we'll see where the public goes when the planes stop flying. >> i think david makes an important point. we need to remember this idea was, okay, we are going to jump over the cliff, if you will, together and create this s
Search Results 0 to 49 of about 228 (some duplicates have been removed)